- Panoramic Resources’ (PAN) subsidiary, Magma Metals, has completed the sale of all shares in Panoramic PGMs, and its project, to Clean Air Metals
- Panoramic PGMs is the full owner of the Thunder Bay North PGM Project that is located in Northern Ontario, Canada
- Panoramic first signed a binding letter agreement with Benton Resources of Canada in July 2019 to sell all of the shares in its subsidiary, Panoramic PGMs, to Benton for C$9 million in cash
- A few months later in September the agreement was changed slightly
- It outlined that Benton would pay C$4.5 million on the completion of the transaction and C$1.5 million for the next three anniversaries
- Panoramic has ended the day with no change and shares have been trading for 12 cents apiece since April 9
Panoramic Resources’ (PAN) subsidiary, Magma Metals, has completed the sale of all shares in Panoramic PGMs to Clean Air Metals.
Panoramic PGMs is the full owner of the Thunder Bay North PGM Project that is located in Northern Ontario, Canada.
Panoramic first signed a binding letter agreement with Benton Resources of Canada in July 2019 to sell all of the shares in its subsidiary, Panoramic PGMs, to Benton for C$9 million in cash.
A few month later in September, Panoramic and Benton amended the agreement to vary the payment terms and extend the date in which it needs to be signed by.
This amended agreement stated that Benton would pay the C$9 million over four instalments – on the completion of the transaction and every year on the anniversary of the transaction for three additional years.
This is broken down into C$4.5 million on the completion of the transaction, and C$1.5 million on the first, second and third anniversaries.
In December, the agreement was changed again when the latest it could be signed was pushed back to January 31 2020.
Finally at the beginning of January, Magma Metals and Regency Gold signed a share purchase agreement which saw Magma sell all of the shares in Panoramic PGMs to Regency.
Panoramic has ended the day with no change and shares have been trading for 12 cents apiece since April 9.